England are the outsiders against the hosts before an expected 90,000 crowd at the cavernous Melbourne Cricket Ground on the strength of their poor record of one-dayers in Australia.
England have just two wins from their last 15 ODI encounters Down Under, but Morgan resolutely talked up his team's chances Thursday against the top-ranked Aussies.
"This is only in the last year, these (losses) have happened but the majority of us have been in positions where we've played series where we've beaten Australia 4-0 before," Morgan told reporters.
"We have guys with huge amounts of experience who have won consecutive Ashes series again, reinforcing what works is key and emphasising, producing your skill on the day is ultimately what is important.
"It's swings and roundabouts. We've been in that position before and our time will come."
Morgan said only two squad members Moeen Ali and James Taylor have yet to play in an ODI at the Melbourne Cricket Ground and he is hoping the big-match experience will bring out the best in England.
"I think the first two games we'll learn a lot about them because they're going to be tough games," Morgan said of the pool games against Australia and New Zealand in Wellington.
'The experienced pace pair of Anderson and Broad will test rival teams at the World Cup'
"The vibe around the camp is of a free-spirited one," Morgan said.
"And I think that suits the players and hopefully that will allow them to go out and play in the manner which has got them to being selected."
"Since we got here we've had some great individual performances with the bat. Ian Bell has hit a great run of form. "He's class when he's going and scores at a rate we feel applicable to score against Australia.
"When Moeen Ali is playing at his best he scores at more than a run a ball at the top of the order, that's magnificent. "Guys like Joe Root have hit a run of form, James Taylor, I've had a score under my belt. If we click together as a side we can put a score on the board that's significant enough to win again.
"That's something we haven't done in the past and that's something we've been striving to do since we got here." Morgan said the experienced pace pair of James Anderson and Stuart Broad will test rival teams at the World Cup.
"With the ball in the first 40 overs we've been very accurate," he said. "We've held our length well and we've taken wickets early. "Having Jimmy and Broady back has been brilliant. Their experience, Jimmy swinging it both ways and obviously Broady's aggression is key."